That looks good value considering the group has pledged to pay at least £55m out in dividends this year, which even at the top valuation yields a tasty 5.6 per cent Buy. Wolseley looks to the US for success A booming US housing market is driving the bottom line at Wolseley, the acquisition-hungry distributor of building materials, heating and plumbing.While demand in Britain has tailed off and the rest of Europe is sluggish, the US market has defied fears of a softening and is powering ahead. Which is handy, given that 60 per cent of the group's earnings come from across the pond.The strengthening of the dollar has worked in Wolseley's favour, helping operating profits rise 15 per cent in the 11 months to June. That's only half the rate of the previous year, however, with flatter commodity prices keeping a lid on earnings growth.Over the past decade, Wolseley has snapped up about 250 businesses for a total of £2.5bn and has set aside £225m for acquisitions. This financial year, Wolseley has gobbled up 26 companies.However, the builders' merchant dampened speculation yesterday that it had set its sights on the do-it-yourself chain B&Q or its parent company Kingfisher.Trading at 13.6 times 2005 earnings, and with plenty of scope for growth, Wolseley remains a core sector holding.. The headlines have been unremittingly grim House prices tumble in June Profits warnings rise Oil hits new high Terror comes to London. And yet shares have soared to levels not seen since March 2002.
Why are stock-market investors apparently seeing the world in such a different way? One of the reasons is that the headlines and the UK stock market reflect slightly different bits of the world. Another is that investors have got used to reading such headlines, expecting the worst, and then finding that the eventual economic out-turn is not so bad. It is certainly true that consumers have begun to draw in their horns. From their biggest ticket items - their houses - to the smallest - whether to pick up the latest clothes - people have been putting off their purchases. A glance at our table shows that retailers have been the worst-performing blue-chip stocks so far this year, but they account for a relatively small part of the overall index. The biggest housebuilder is not even a member of the FTSE 100.The ability of the global economy to absorb the price of oil and other commodities has confounded sceptics for most of the past two years.
Demand from industrialising China and gas-guzzling America means that the oil price is high for a reason, so the situation is not analogous to the oil shocks of the Seventies. And best of all for the UK market, BP alone accounts for about 10.6 per cent of the FTSE 100, so its shares have soared with its oil-based profits.Richard Batty, at Standard Life, saiddomestic issues were no impediment to the UK stock market making further advances. "Oil is driven by the high oil price and natural resources stocks overall comprise 25 per cent of the UK market. London has the largest weighting for commodities for any market in the world."All the heavyweight sectors are doing well, in contrast to previous years where telecoms or banks have been depressed.
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